by Kenneth Rudich
In a move that broadcasts the once robust electronics retail giant Best Buy is nudging ever so close to drawing its last gasp, chairman and founder Richard Schulze has resigned from the board after a 36 year run as the company’s director. (Remember, former Best Buy CEO Brian Dunn resigned in March 2012 amid a scandal, just after announcing a massive restructuring initiative only two weeks earlier.)
Schulze controls roughly 20.1 percent of Best Buy’s shares, and he said he wants to explore his options for his ownership stake.
Though he publicly expressed optimism about the company’s future, it doesn’t take a genius to wonder about the possibility – nay, likelihood – that exploring his options is code for selling out to a private equity firm that will eagerly dismantle the enterprise until no vestige remains.
Of course, we at MSM have been speculating about an imminent demise over the last four or five months, with the last post on April 13, 2012 titled, “Best Buy Brand at Brink of Titanic Twist.” The accompanying graphic alone, with its circling sharks hovering above a sunken ship, really said it all at that time.
For this post, we’ve modified that graphic to reflect what we believe is the current status of its soon-to-be-forgotten brand image.
As you can see, the tombstone reads: “To the Unknown Defenders of Best Buy”